Svmuu News: Tim Draper, founder of Draper Associates, stated that the reason he did not invest in Coinbase early on was his assessment that widespread adoption of cryptocurrency by retail investors would still take a long time, not because he did not recognize Brian Armstrong, co-founder and CEO of Coinbase.
Tim Draper revealed that he had already invested in Coinlab, an early-stage company at Bitcoin, which is why he initially did not invest in Coinbase; his son, Adam Draper, disagreed with that assessment and extended the first check to Brian Armstrong. Tim Draper subsequently participated in the next round of funding for Coinbase.Coinbase, founded by Brian Armstrong and Fred Ehrsam, was developed into a crypto platform and listed on Nasdaq under the ticker symbol COIN.
Tim Draper stated that Coinbase has become one of the flagship investments of Draper Associates Fund V, with returns from Coinbase alone nearly doubling the fund’s total size.